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• Block generation time: 2.5 minutes • Total currency: 84 million coins by 2140 • Consensus Algorithm: scrypt Proof-of-Work • Market capitalization: $160 million USD in mid-2014 Dogecoin Dogecoin was released in December of 2013, based on a fork of Litecoin. Dogecoin is notable because it has a monetary policy of rapid issuance and a very high currency cap, to encourage spending and tipping. Dogecoin is also notable because it was started as a joke but became quite popular, with a large and active community, before declining rapidly in 2014. • Block generation time: 60 seconds • Total currency: 100,000,000,000 (100 billion) Doge by 2015 • Consensus algorithm: scrypt Proof-of-Work • Market capitalization: $12 million USD in mid-2014 Freicoin Freicoin was introduced in July 2012. It is a demurrage currency, meaning that it has a negative interest rate for stored value. Value stored in Freicoin is assessed a 4.5% APR fee, to encourage consumption and discourage hoarding of money. Freicoin is notable in that it implements a monetary policy that is the exact opposite of Bitcoin’s deflationary policy. Freicoin has not seen success as a currency, but is an interesting example of the variety of monetary policies that can be expressed by alt-coins. • Block generation: 10 minutes • Total currency: 100 million coins by 2140 • Consensus algorithm: SHA256 Proof-of-Work • Market capitalization: $130,000 USD in mid-2014 Consensus Innovation: Peercoin, Myriad, Blackcoin, Vericoin, NXT Bitcoin’s consensus mechanism is based on Proof-of-Work using the SHA256 algorithm. The first alt-coins introduced scrypt as an alternative Proof-of-Work algorithms, as a way to make mining more CPU-friendly and less susceptible to centralization with ASICs. Since then, innovation in the consensus mechanism has continued at a frenetic pace. Several alt-coins adopted a variety of algorithms such as scrypt, scrypt-N, Skein, Groestl, SHA3, X11, Blake, and others. Some alt-coins combined multiple algorithms Alt-coins | 225PDF Image | Mastering Bitcoin
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